StuyTown auction (and windfall dreams) delayed

By A. Ready | October 12, 2010 - 3:28PM

StuyTown is one step closer to a takeover, but the anxious inhabitants still do not know who will take control of the 110-building complex, nor whether that will result in a remarkable opportunity to buy their units at below-market rates. Reporting that tomorrow's auction has been postponed for Oct. 22nd, Charles Bagli at the New York Times explains that “senior lenders have resolved their dispute with a rival group … but the lenders are still putting together the legal and corporate machinery for a takeover of the largest residential development in Manhattan.”

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